When new Korean shareholders boosted Phnom Penh Commercial Bank (PPCBank) with a $20 million capital increase this year, they had placed the commercial bank, then already among Cambodia’s largest, on a path primed for further growth and pioneering developments.
As a result of Korean banking know-how and increased capital, PPCBank has been able to further its ambitions in the Cambodian market. Shin Chang Moo, President of PPCBank and an industry veteran with more than 30 years of finance experience in Korea and other countries, said, “The Korean financial industry has come a long way, from emerging to being developed. This gives us the honour of knowing what developments the Cambodian banking industry is facing now and in the future.”
Understanding banking market evolutions, PPCBank, headed by Shin, has defined priorities for the bank’s business operations in Cambodia’s developing financial industry.To become a leading retail bank in Cambodia and Southeast Asia, PPCB will boost its retail business and focus on promoting digital banking and building up human resources, according to Shin.
In a first step, the $20 million capital increase has enabled the bank to expand and diversify their loan portfolio with a strong focus on small and medium enterprises (SMEs) – the economic backbone of the economy, Shin said.
To effectively reach retail customers with their new loan products, Shin said PPCBank was set to open more branches where clients were met with “strong consultations and more financing options through combined and customized products and services.”
Other than increasing clientele and improving services for Cambodian customers face-to-face in new branches, PPCBank aims to put a strong focus on mobile and digital banking; adding convenience for customers through social network, providing top-up through mobile and transfers to non account holders.
Lining out their digital and mobile payment strategy, the president explained PPCBank was promoting its “Open Banking System”.“To promote synergies and nationwide networks for the benefit of our customers we aim for collaborations with financial technology companies and utilize third party payment providers to expand banking services to even more people,” Shin explained, adding that he also plans to adapt to customers’ data analytics and integrate services with the third party to serve customers even better.
Shin said speed, convenience and quality of service and attractive overseas remittance options, especially from Korea to Cambodia, were among other customer benefits.
Looking to continue the path of success from 2016 into 2017, president Shin said that he and PPCBank’s staff are excited to further the mobile growth, offer even more products and services and improve business efficiency – all for the benefit of the customers.
“The energy we put in won’t be to generate greater business profits but to give our banking service the love, confidence and trust from all customers we serve,” Shin said.